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Old 04-04-2008, 06:58 PM
 
Location: San Francisco Bay Area
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Anyone heard of people being turned down for loans in Contra Costa County with the sole reason being the housing market there is too much of a risk?
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Old 04-04-2008, 08:04 PM
 
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Quote:
Originally Posted by ImRandy View Post
Anyone heard of people being turned down for loans in Contra Costa County with the sole reason being the housing market there is too much of a risk?
No... but I have heard of areas of Contra Costa County that are having the problem... but not the entire County.
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Old 04-04-2008, 08:22 PM
 
Location: San Francisco Bay Area
1,482 posts, read 5,178,455 times
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Quote:
Originally Posted by Ultrarunner View Post
No... but I have heard of areas of Contra Costa County that are having the problem... but not the entire County.
But you've heard of lenders just pulling out of the loan because they're unsure of the area? My in-laws just got word they were getting declined for a loan on a house in Concord because Contra Costa County is too risky. Doesn't make sense to me because they made a good offer on a foreclosure, were able to put 20% down, have great credit, and great income. With all the moaning about how the lenders have all these homes you'd think they would want to make a loan so they could actually unload one of them. It just doesn't seem like a legitimate reason. Especially not when it happens 4 days before closing. They could have given that reason from the get-go and they could have avoided paying for the inspections.
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Old 04-05-2008, 10:41 AM
 
28,115 posts, read 63,764,237 times
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Very uncertain times and Mortgage Brokers are feeling the pressure more than Banks, Savings and Loans and Credit Unions because Brokers truly are "Middlemen" in the process.

Are they working with a FHA loan... those seem to be going through.

My brother has had a tough time in certain areas of Antioch, Pittsburg and with Condos... It seems lenders are declining to lend in neighborhoods or building with multiple foreclosures...

I'm not in the Lending business. I do have several Real Estate Brokers in the family and try to keep up with what's going on.
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